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Home / Bitcoin Usage / Civilians Turn To Bitcoin Amid Inflation In Venezuela

Civilians Turn To Bitcoin Amid Inflation In Venezuela

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The economy of Venezuela is currently in turmoil, but for the minority using cryptocoins such as bitcoin, prosperity has continued. For business and individuals alike, the currency has failed to satisfy commerce and even consumerism as many find themselves unable to even purchase basic food item due to inflation. With services like PayPal not accessible in the country some have turned to the power cryptocoins like bitcoin hold.

“The transaction takes a few minutes, our commission is three to seven percent lower than the banks, and our exchange rate is regulated by supply and demand, making it more realistic than the official”

Jorge Farias

The economy of Venezuela

However there has been plenty of resistance to adoption of cryptocoins, primarily coming from state run business and the government. The state run ISP has blocked access to crypto related websites with Bitcoin being the focus and mining of cryptocoins has also been attacked as access to mining pools being severed by ISPs and farms forcibly being shut down.

To conclude, bitcoins potential to prop up entire states is slowly being recognized in the Venezuelan region. While there have been some smaller states opting to use cryptocurrencies as their core medium for finance’s in the middle east, the Venezuelan citizens using the cryptocoins are a prime example of how necessity breeds development. As the fiat currencies has undergone constant inflation, there have been times where there simply hasn’t been food on the shelves of supermarkets or even electricity in homes as people find their savings being turned to dust. Bitcoin and such currencies have given a safe store for assets considering they are much more stable than fiat currencies in the country, while less than 1% of the population in Venezuela actively uses it and efforts by the government to disrupt the development of the technology are huge, the impact still serves as evidence of cryptocoins potential to serve as a official currency.

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